Diamondback Energy’s Strong Fourth Quarter Performance
In the fourth quarter, Diamondback Energy showcased significant revenue growth driven by higher levels of daily oil volume production. The company reported a net profit of $960 million, equivalent to $5.34 per share, compared to $1.01 billion, or $5.62 per share, in the previous year. Excluding one-time items, the company’s earnings per share stood at $4.74, slightly above analysts’ expectations of $4.70.
Impressive Revenue and Production Figures
Diamondback Energy’s revenue surged by 9.8% to reach $2.23 billion, surpassing analysts’ estimates of $2.16 billion. The company’s third-quarter production averaged 273.1 thousand barrels of oil equivalent per day, showing a notable increase from 226.1 thousand barrels in the same period last year.
Strategic Operations
During the quarter, Diamondback drilled a total of 80 gross wells in the Midland Basin and four gross wells in the Delaware Basin, demonstrating its commitment to operational excellence. Looking ahead to the first quarter, the company anticipates maintaining production levels between 270 thousand to 274 thousand barrels of oil equivalent per day.
Merger Announcement
The positive financial results come shortly after Diamondback Energy announced its merger agreement with Endeavor Energy Resources in a deal valued at approximately $26 billion.
Diamondback Energy continues to position itself as a key player in the energy sector with robust production figures and strategic partnerships on the horizon.